Conventional DC/DC power conversion apparatuses control the amount of energy to be stored in or released from a reactor by using ON/OFF operation of a semiconductor switch, thereby performing DC/DC voltage conversion. Such DC/DC power conversion apparatuses have a problem that the reactor is large and heavy. Accordingly, some techniques are proposed which reduce a voltage applied to the reactor by using charge and discharge of a capacitor and reduce an inductance value needed for the reactor, thereby reducing the size and the weight of the reactor (see, for example, Patent Literature 1).